Trading and Greed

[Nothingtodo]

Trading and greed are two opposing forces, and trading should not be done with greed in mind. An experienced trader is never greedy, but rather controls himself so much that greed cannot touch him. However, those traders who do not have complete knowledge of trading cannot control their greed while trading. An experienced trader is never overly emotional or greedy, because he knows that these two bad habits can seriously harm trading.

[Rgram]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

Every trader must face this either they like it or not, GREED has done more to me as a trader, at first while studying I started to trade signals but using big lot sizes hoping to do 1:50RR, but always endup taking a loss, I reduced my lot sizes a bit but kept losing, then I realised I’ve been approaching the market with a lot of greed hoping to use so little to get so much, I stopped risking so small to get enormous profits and tapped into risk management, and that changed things for me.

[ndutndut]

Trading and greed are two opposing forces, and trading should not be done with greed in mind. An experienced trader is never greedy, but rather controls himself so much that greed cannot touch him. However, those traders who do not have complete knowledge of trading cannot control their greed while trading. An experienced trader is never overly emotional or greedy, because he knows that these two bad habits can seriously harm trading.

No one is good at trading strategies, whatever your strategy, there is no right or wrong in trading. It all depends on how we can control emotions and greed. Even if you are good at trading but cannot control emotions and greed, you will definitely lose and blame this strategy and look for another strategy, and so on until you lose everything.

Many traders experience ups and downs in trading, even though they actually know that trading is easy, but the problem is they keep looking for strategies to get quick profits but with low risk, as a result everything is in vain because you trade with greed. Be a smart trader by controlling your emotions, and don't let fear or greed control your decisions in trading.

[Finestream]

My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

It depends on what greed means to someone. However, if someone wants to profit 2000% with one trade, obviously will either have to have a lot of patience or not care for his capital. For me, as long as I have some fair/ logical profit, I'm good. Sometimes, I continue trading the specific pair; some others I don't. The factor is that I never seek crazy returns, even if (in some cases) I "expect" them to happen. IMO, it's better to have more successful trades with low profit than 1 with a crazy one.

It depends on how we are, but having a lot of trades means we have to have a lot of capital too, so it's a bit difficult for people with small capital.

I think the most important thing is to be consistent in getting profit, even though the profit is small, but if we get it consistently then sooner or later, we will get big profit.

Usually people are not satisfied with what they get, that's what ultimately makes them greedy in trading. and greed in trading, we know it's not wise.

Those people who can’t find satisfaction are clearly those who enter trading having those mindset that it can make them get rich quick. Not realizing that greed will never make them gain huge profits but might even make them poorest in an instant. I’ve learned this before, that’s why I don’t settle for big trades now and use large capital, but small but consistent profits is already good enough.

[osasshem]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

Conquering greed is not as easy as it may sound. I have not really taken trading completely serious, rather, I buy and hold, waiting for that particular coin to grow in price. Yet, selling them off to take out profit is not that easy, as it is prone to increase even more in time to come.

Most times when I trade, I get clustered with FUD, FOMO, but for greed, the moment I get profit in a trade I placed, not having intention of holding it for a long term, I quickly close the trade to secure my profit. That profit to me is very important to me, if I want to stay a bit longer I use the stop lose, while adjusting the take profit little by little.

[dunfida]

My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

It depends on what greed means to someone. However, if someone wants to profit 2000% with one trade, obviously will either have to have a lot of patience or not care for his capital. For me, as long as I have some fair/ logical profit, I'm good. Sometimes, I continue trading the specific pair; some others I don't. The factor is that I never seek crazy returns, even if (in some cases) I "expect" them to happen. IMO, it's better to have more successful trades with low profit than 1 with a crazy one.

It depends on how we are, but having a lot of trades means we have to have a lot of capital too, so it's a bit difficult for people with small capital.

I think the most important thing is to be consistent in getting profit, even though the profit is small, but if we get it consistently then sooner or later, we will get big profit.

Usually people are not satisfied with what they get, that's what ultimately makes them greedy in trading. and greed in trading, we know it's not wise.

Those people who can’t find satisfaction are clearly those who enter trading having those mindset that it can make them get rich quick. Not realizing that greed will never make them gain huge profits but might even make them poorest in an instant. I’ve learned this before, that’s why I don’t settle for big trades now and use large capital, but small but consistent profits is already good enough.

On the moment or time that you wont be finding out such contentment or satisfaction at the moment that you do make up some money or profits then this will be that pushing you up to do something even more on which it is outside of your limitation. Come to think that overtrading is a very common situation for most traders and could definitely be resulting into loses once you cant be able to handle it out well. When you do make trades then its always recommended that you should be having always a trading plan on which on the moment that you do reach up such threshold then this is where you would be stopping out completely and calling it a day on which it doesnt matter whether the trade you have done is a win or lose. Greed is always present specially on the time or moment that we do become profitable on which we will be thinking that we can get even more.

One of the main problems too of a certain trader is that when trying out to secure profits on that particular trade. We are all guilty with this on which at the moment or time that you do make out some trades and made out money, then we do ask for more and we do want for more to make up that kind of generation of profits on which we know that it couldnt happen all the time. Market is always been that volatile and there's no way that you can be able to end up on having that profitable position all the time. This is why when you do trades and once you do make profits then always secure it out no matter what.

[Cpt_reader]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

Actually, I learned to trade through losses. I have lost many times because of my greed. Even after making a profit of 80-90 dollars, I did not sell, but later I saw that I had lost 100 dollars and I regretted then. After a few days, I gradually understood and learned how to trade. From then on, I would sell only when I made a small profit.

[Cpt_reader]

My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

Accept loss and do not trade to try to recover losses.
Do not have the mentality of depending on trading for income.
Have a means to make income from reliable sources like from your job.
Try as much a possible to trade with the amount of money that you can afford to lose.
Trade good assets like bitcoin and not altcoins. Trading altcoins is like you are gambling if you do not understanduch about it.

You are absolutely right. And sometimes we also think that if there is a loss in this token, then there is no trade in another token by selling. It is not right to think like that. Selling at a loss is wrong. You should take as much trade as you can afford to lose.

[Wind_FURY]

I think I mastered it. It is because I am not following the charts most of the time during the day. I trust my assets and It doesn’t matter what they do in the short term. Unless there is a fundamental change in one of my assets, I don’t change positions so easily. I am not interested in the short term market movements and that makes me calm and clear headed.

People who make many trades in a day get stressed easier and they make lots of mistakes too. These people are in panic. They can’t control their greed and therefore they are the losers in the long run.

You're absolutely right. The market's emotions and movements have a way of sweeping us off our feet, especially when fear or greed takes over. In those moments, it's best to keep in mind that emotions can blur our thinking, and while stats and data might help, they can also backfire if we rely on them too much.

He might be "right", but the problem/issue - What "trustable assets" might those be? If it's a stock/equity of a profitable company like Apple/AAPL, then OK. If it's a proven Store Of Value asset that has been in use for thousands of years like Gold, that's also OK. Bitcoin, a possible undervalued competitor of Gold, OK.

But shitcoins? We probably should be careful in what we believed we mastered.

[In the silence]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

One of the obvious reasons for traders fail is they struggle to let go, I myself included. To conquer greed, you need to be contented with enough. That being said, you need to know your risk appetite and gain satisfaction. You can use others method for your reference to learn and to make your own trading plan.

[Egii Nna]

My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

After knowing that anything that involves greediness always ends in tears, that is when you have to make yourself understand that greediness is a very bad thing in trading.

Not only in trading but in any act of business, if you are involved in greediness, you will definitely regret it. You have to accept the fact that your profit depends on your capital, which if you invested a lot of money in, then you will be ready to gain a lot of profit, while if you invest small money, then you should be ready to gain small profits. That is just the reality of how things work, and that is also applicable to businesses.

[Ricardo11]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

One of the obvious reasons for traders fail is they struggle to let go, I myself included. To conquer greed, you need to be contented with enough. That being said, you need to know your risk appetite and gain satisfaction. You can use others method for your reference to learn and to make your own trading plan.

Greed causes a lot of harm to everyone, greed is never a good thing, a trader becomes uncontrollable due to greed, trading is a field where losses are bound to happen, and you should never let yourself get bored because of these losses.
Find out the reason why you lost, and then, be more careful and research the market and trade properly. Always have a well-organized trading plan, financial limits and use the right methods at the right time. There are many things to understand in trading, so a newbie should learn them well with the right mindset over time.

[Z_MBFM]

One of my friends who is into crypto trading made a remark. He said, "I am gradually learning how to conquer/manage GREED. Once I make small profit while trading, I will immediately close the trade. I am not interested in making $200 with $10."
It is funny but he learned this the hard way. As a trader and even generally in life, the lesson that you refuse to learn from the mistakes of others, you'll finally learn it from your own experience.
My question to you is that, as a trader, what ways from your experience have you learnt to conquer or manage GREED?

It is definitely good if you are satisfied with very small profits. Because the more profit you expect in trading, the more greed will grow in you. Because when you have the intention to make a lot of profit, you will not stop trading easily, because at that time any amount will satisfy you. Because of this, if you have a small profit objective and if you select a maximum profit margin, then you can probably reduce your losses in trading because small profits can be gained very easily from trading. But it is very difficult to maintain them if greed works in you, and if you cannot stop trading immediately. So in this case, I will appreciate your friend's strategy. And I can say that if your friend follows this strategy constantly, then even if he cannot make much profit from trading, he will at least be safe.

[knowngunman]

It is definitely good if you are satisfied with very small profits. Because the more profit you expect in trading, the more greed will grow in you. Because when you have the intention to make a lot of profit, you will not stop trading easily, because at that time any amount will satisfy you. Because of this, if you have a small profit objective and if you select a maximum profit margin, then you can probably reduce your losses in trading because small profits can be gained very easily from trading. But it is very difficult to maintain them if greed works in you, and if you cannot stop trading immediately. So in this case, I will appreciate your friend's strategy. And I can say that if your friend follows this strategy constantly, then even if he cannot make much profit from trading, he will at least be safe.

We are talking about Money here and you and I know how influential it can be. As far as money is involved, greed can not be easily do away with. It's always easier to say than done. I realise this when playing aviator game in one of my favourite gambling sites back then. I initially made up my mind that I will close my position at every two odds but guess what, at first I was able to maintain my stands but within some time, I said to myself that the two odds I set for myself is too small and that was how I started losing my money until I can not longer count my loses. Same thing applies to trading and greed will gradually set in since it has to do with money because human by nature is insatiable.

[WatChe]

Conquering greed is not as easy as it may sound. I have not really taken trading completely serious, rather, I buy and hold, waiting for that particular coin to grow in price. Yet, selling them off to take out profit is not that easy, as it is prone to increase even more in time to come.

Most times when I trade, I get clustered with FUD, FOMO, but for greed, the moment I get profit in a trade I placed, not having intention of holding it for a long term, I quickly close the trade to secure my profit. That profit to me is very important to me, if I want to stay a bit longer I use the stop lose, while adjusting the take profit little by little.

Every trader has its own strategy that is developed over period of time through personal trading experiences. When I was a trader, I set a target price and I sell mu coin as soon as my coin hit that particular target price. We don’t know when a coin is at its peak that’s we have to set a price where we have to sell.

To me trading is a risky and stressful work because you have to be active all time. There are scenarios where you sell bitcoin one day and the next day Bitcoin went up by 5k$. These are prime reasons why I invest in Bitcoin only for long term since I figured out that trading is not for me. 

[Wind_FURY]

Conquering greed is not as easy as it may sound. I have not really taken trading completely serious, rather, I buy and hold, waiting for that particular coin to grow in price. Yet, selling them off to take out profit is not that easy, as it is prone to increase even more in time to come.

Most times when I trade, I get clustered with FUD, FOMO, but for greed, the moment I get profit in a trade I placed, not having intention of holding it for a long term, I quickly close the trade to secure my profit. That profit to me is very important to me, if I want to stay a bit longer I use the stop lose, while adjusting the take profit little by little.

Every trader has its own strategy that is developed over period of time through personal trading experiences. When I was a trader, I set a target price and I sell mu coin as soon as my coin hit that particular target price. We don’t know when a coin is at its peak that’s we have to set a price where we have to sell.

To me trading is a risky and stressful work because you have to be active all time. There are scenarios where you sell bitcoin one day and the next day Bitcoin went up by 5k$. These are prime reasons why I invest in Bitcoin only for long term since I figured out that trading is not for me. 

Would you consider yourself a "good and a long-term profitable trader"? Or if you pretend that if you kept a journal of your trades and compared them to simply denominating your capital in Bitcoin, would your "trades" have a better performance than if you simply HODLed Bitcoin?

This post is not a personal attack. It's a mere rhetorical question to keep ourselves honest with, ourselves.